on trade that many were induced to leave it. But I felt great confidence that, by industry, economy, and integrity, I could get a living; and the experiment showed that I was right. Most of the young men who commenced at that period failed by spending too much money, and using credit too freely.
"I adopted the plan of keeping an accurate account of merchandise bought and sold each day, with the profit, as far as practicable. This plan was pursued for a number of years, and I never found my merchandise fall short in taking an account of stock, which I did as often at least as once in each year. I was thus enabled to form an opinion of my actual state as a business man. I adopted also the rule always to have property, after my second year's business, to represent forty per cent, at least more than I owed—that is, never to be in debt more than two and a half times my capital. This caution saved me from ever getting embarrassed. If it were more generally adopted, we should see fewer failures in business. Excessive credit is the rock on which so many business men are broken."